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Quiz #1 – Basic Licensing Requirements of Dealers

by Dealer 101

Auto Dealer Continuing Education Program (California DMV Approved) Basic Licensing Requirements of Dealers Quiz #1 – Basic Licensing Requirements of Dealers
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  1. Question 1 of 3
    1. Question

    Used Car “Retail” Dealers must have a Surety Bond valued at:

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    Hint

    All Dealers must have a Surety Bond valued on their license type and provide proof:

    • OL 25 New or Used Auto-Commercial Dealer ($50,000)
    • OL 25B Motorcycle Dealer, Motorcycle Lessor-Retailer, All-Terrain Vehicle Dealer, or Wholesale-Only Dealer (Less Than 25 Vehicles Per Year) $10,000
  2. Question 2 of 3
    2. Question

    Dealers must renew their license every two years and should complete and submit the following to renew their license:

    • Renewal Application (DMV form OL 45)
    • Proof of Continuing Education
    • Proof of Surety Bond ($10k or $50k as needed for your License)

    Correct

    Incorrect

    Hint

    Dealers should complete and submit the following to renew their license:

    • Renewal Application (DMV form OL 45)
    • Proof of Continuing Education
    • Proof of Surety Bond
    • Payment of Renewal Fees
  3. Question 3 of 3
    3. Question

    A Dealer’s License and Special Plate are automatically canceled when:

    • the Dealer abandons their place of business without giving proper, immediate notice to the DMV
    • the Dealer fails to maintain an adequate Surety Bond
    • the person designated as the Dealer has changed -or- the Corporate status of the Dealer is suspended or revoked
    • the Board of Equalization suspends or revokes the Dealer’s Seller’s Permit

    Correct

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    Hint

    A Dealer’s License and Special Plate are automatically canceled when:

    • the Dealer abandons their place of business without giving proper, immediate notice to the DMV
    • the Dealer fails to maintain an adequate Surety Bond
    • the person designated as the Dealer has changed -or- the Corporate status of the Dealer is suspended or revoked
    • the Board of Equalization suspends or revokes the Dealer’s Seller’s Permit
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